Crown Lifters profit falls 20% as Q2 costs rise 67% year on year

Crown Lifters Limited reported net profit of Rs 1.75 crore for the quarter ended September 30, 2026, down 20% year on year, despite a 44% rise in revenue from operations to Rs 13.69 crore. Total expenses increased 67% to Rs 12.46 crore, led by higher operating expenses, depreciation and finance costs.

Why did Crown Lifters’ September-quarter profit fall despite revenue growth?

Crown Lifters’ profit fell because total expenses increased by Rs 4.99 crore year on year, exceeding the Rs 4.16 crore rise in revenue from operations in the quarter ended September 30, 2026. Revenue from operations reached Rs 13.69 crore from Rs 9.53 crore, while total income, including other income, rose to Rs 14.80 crore from Rs 10.42 crore.

Operating expenses were the largest contributor to the cost increase, rising to Rs 6.91 crore from Rs 3.33 crore in the September 2025 quarter. Employee benefits expense increased to Rs 1.48 crore from Rs 1.04 crore, depreciation and amortisation rose to Rs 2.38 crore from Rs 1.88 crore, and finance cost increased to Rs 1.49 crore from Rs 0.94 crore.

Profit before tax consequently declined to Rs 2.34 crore from Rs 2.95 crore. The September 2026 quarter included a net tax charge of Rs 0.59 crore, comprising current tax of negative Rs 14.28 lakh and deferred tax of Rs 73.18 lakh, resulting in net profit of Rs 1.75 crore versus Rs 2.20 crore a year earlier.

How did Crown Lifters perform against the preceding quarter?

Crown Lifters’ September-quarter net profit was lower than the Rs 2.94 crore reported for the quarter ended June 30, 2026, although revenue from operations increased 5% sequentially. Revenue rose from Rs 13.02 crore in June to Rs 13.69 crore in September, while total income increased from Rs 13.51 crore to Rs 14.80 crore.

The sequential decline reflected operating expenses of Rs 6.91 crore in September, compared with Rs 4.14 crore in June. Total expenses rose to Rs 12.46 crore from Rs 9.55 crore, reducing profit before tax to Rs 2.34 crore from Rs 3.95 crore despite the increase in quarterly revenue.

Employee benefits expense eased to Rs 1.48 crore from Rs 1.54 crore in the preceding quarter, but depreciation increased to Rs 2.38 crore from Rs 2.30 crore. Finance cost declined slightly to Rs 1.49 crore from Rs 1.52 crore, while basic earnings per share fell to Rs 1.51 from Rs 2.53.

What do Crown Lifters’ half-year results show?

Crown Lifters reported revenue from operations of Rs 26.71 crore for the six months ended September 30, 2026, up 36% from Rs 19.60 crore in the corresponding prior-year period. Profit before tax, however, declined 6% to Rs 6.29 crore from Rs 6.72 crore as total expenses rose faster than income.

Total expenses for the half year increased to Rs 22.01 crore from Rs 14.36 crore. Operating expenses rose to Rs 11.05 crore from Rs 6.03 crore, employee benefits expense increased to Rs 3.03 crore from Rs 2.08 crore, depreciation rose to Rs 4.68 crore from Rs 3.71 crore, and finance cost increased to Rs 3.00 crore from Rs 1.98 crore.

Net profit for the six-month period was Rs 4.68 crore, compared with Rs 5.01 crore a year earlier. Other income was Rs 1.60 crore versus Rs 1.49 crore, taking total income to Rs 28.30 crore from Rs 21.08 crore; Crown Lifters reported one reportable segment in its financial statements.

The company said its gratuity provision for the half year was recognised using an actuarial valuation as of September 30, 2026. A remeasurement gain of Rs 1.88 lakh was recorded in other comprehensive income, while the current tax for the September quarter was calculated from the half-year tax result less tax recognised in the June quarter.

What changed in Crown Lifters’ financial position and cash flow?

Crown Lifters’ total assets were Rs 187.93 crore at September 30, 2026, down from Rs 214.58 crore at March 31, 2026. Property, plant and equipment and intangible assets increased to Rs 151.39 crore from Rs 145.45 crore, while trade receivables rose to Rs 19.83 crore from Rs 14.81 crore.

Combined current and non-current borrowings increased to Rs 66.36 crore at September 30 from Rs 56.77 crore at March 31. Non-current borrowings were Rs 45.01 crore, compared with Rs 38.77 crore, and current borrowings were Rs 21.35 crore, compared with Rs 17.99 crore.

Net cash flow from operating activities was Rs 19.85 crore for the six months ended September 30, 2026, compared with Rs 1.65 crore in the corresponding prior-year period. Crown Lifters spent Rs 28.11 crore on purchases of tangible assets, recorded Rs 6.36 crore of net cash used in investing activities, and reported Rs 12.84 crore of net cash used in financing activities.

Equity increased to Rs 82.20 crore at September 30 from Rs 77.38 crore at March 31, comprising share capital of Rs 11.59 crore and other equity of Rs 70.61 crore. Other current assets declined to Rs 10.35 crore from Rs 19.14 crore, while bank deposits classified as other financial assets decreased to Rs 3.08 crore from Rs 25.73 crore.

What investment plan did Crown Lifters disclose after the results?

Crown Lifters said it has decided to invest in higher-tonnage cranes mainly for the green-energy sector, together with supporting cranes and equipment. The November 12, 2026 board-meeting outcome said discussions with the original equipment manufacturer, or OEM, had concluded and that contractual terms and pricing had been finalised and signed.

The investment remains subject to the delivery schedule and funding, and Crown Lifters did not disclose its value, funding mix, delivery date or expected revenue contribution. The board also approved Vinay Shetty’s appointment as chief operating officer and took the unaudited results for the quarter and half year ended September 30, 2026 on record.

The filing was subjected to a limited review by statutory auditor Vishwas & Associates, which said nothing had come to its attention to indicate that the financial statement did not make the required disclosures or contained a material misstatement. The results were reviewed by the audit committee and approved by the board on November 12, 2026.

Conclusion

Crown Lifters increased September-quarter revenue to Rs 13.69 crore and half-year revenue to Rs 26.71 crore, but higher operating, employee, depreciation and finance costs reduced quarterly net profit to Rs 1.75 crore and half-year profit before tax to Rs 6.29 crore. Borrowings increased to Rs 66.36 crore at September 30, while tangible-asset purchases were Rs 28.11 crore for the first six months.

The next disclosed matter to watch is execution of the higher-tonnage crane plan for the green-energy sector. Crown Lifters has signed commercial terms with an OEM, but delivery scheduling and funding remain conditions to the investment under the November 12, 2026 announcement.